我国风险投资行业的五种竞争力量分析

风险投资事业在西方发达国家取得了很大的发展。我国的风险投资起步较晚,还处在不断摸索阶段,有许多问题尚待解决。本文通过分析我国风险投资事业的五种竞争力量,指出我国风险投资事业存在的现状、机遇、威胁。     

促进风险投资市场发展的财税政策思考

我国为促进风险投资市场的发展制定了诸多财税政策,这些政策也起到了很大的作用,但我国的风险投资市场仍处于初级阶段,与之相适应的财税政策并未全面、完整地建立起来。本文结合我国风险投资财税政策的现状,提出了培育我国风险投资市场的财税政策建议。     

我国风险投资业存在的问题及对策分析

我国风险投资业经历了20余年的发展历程,取得了很大的成就也积累了不少宝贵的经验,但是与具有50多年风险投资经验的西方发达国家相比还存在一系列问题。本文结合西方发达国家该产业中的先进理念和技术对我国现行风险投资业存在的问题进行深入分析,为我国风险投资业的发展提供一些参考。     

风险投资交易契约设计研究

在我国风险投资发展中,风险投资交易设计与发达国家相比十分不完善,减弱了投资者信心,并且很大程度上阻碍了风险投资资金进入。交易设计其本质是多阶段不完美信息双方博弈,本文以信息不对称为切入点从风险投资交易设计的意义、内容、途径、及外部环境建设几方面进行分析,从中提出问题的解决办法。     

台湾地区风险投资运作的经验借鉴及其启示

我国台湾地区风险投资业虽起步较晚,但由于政府大力扶植和组织管理模式创新等,已发展成为继美国之后的风险投资发展最好的地区。然而,国内学者一提到风险投资经验借鉴,首先就会想到美国。但事实上,美国现在风险投资业所处的金融环境、风险投资运作模式、科技经济水平、相关的法律、乃至于创业投资本身存在的目的和意义都与我国有很大的区别。相比之下台湾地区和大陆的风险投资业在起步之初,都是政府主导型的,而且起步期也大致相近,所以,台湾地区风险投资业的发展应对我们更有借鉴意义。本文通过从政府扶植组织管理模式等方面具体分析,总结和借鉴台湾地区风险投资发展的经验,对我国大陆风险投资发展的启示。     

大力发展风险投资 促进技术创新

风险投资是一种向极具发展潜力的新建企业或中小企业,尤其是高技术创业企业提供股权资本的投资行为。从实践中看,风险投资在促进高技术创业企业技术创新、进而带动高技术产业发展上发挥了重要作用。和国外比较来看,我国风险投资在促进技术创新方面存在不小差距,本文在前人研究的基础上,着力分析技术创新中的特殊问题,以及我国风险投资发展面临的难题,在此基础上,文章落脚于发展我国的风险投资业,以促进高新技术产业的发展,提出了加快我国风险投资业发展的思路和对策。     

"J曲线效应"视角下我国风险投资研究

我国风险投资在不足二十年的时间里,取得了快速的发展,风险投资运作开始向科学化趋势发展。但是从国际大环境看,与其他发达国家的风险投资成繁荣发展之势相比,不论在市场规模、数量还是在退出机制上,都存在很大的差距。     

浅议技术创新和风险投资

我国实施建立创新型国家战略,努力促进技术创新,希望能够加快产业升级换代,实现科学技术的跨越式发展。技术创新风险很大,需要风险投资机构的介入,实现技术产品的市场化。我国风险投资行业存在缺乏有效的退出机制、法律不健全等问题。本文提出几项建议。     

我国风险投资特点研究

近年来,我国风险投资环境不断完善,风险投资在我国发展迅速,风险投资的作用也逐渐显现。但在这个快速发展的过程中,我国风险投资也出现了如投资对象专注于传统产业、投资阶段主要为成长期、投资期限注重短期投资等与传统风险投资特点相背离的新问题,因此我国风险投资行业应采取切实措施改变这种状况,文章认为可以通过加强国家政策的引导作用和加强风险投资企业内部风险防范的意识等两方面来努力,以促进我国的科技创新。     

创业板的风险投资空间

我国创业板的推迟创立所导致的风险投资退出机制不畅等问题,已经限制了风险投资对中小企业的支持力度。创业板的推出将会对风险投资的发展提供新的动力和空间,最终实现风险投资的良性循环,推动新资金介入到风险投资行业,促进风险投资的专业化发展。     

The effect of housing and stock market wealth on consumption in emerging and developed countries

This study examines the long- and short-run relationship between private consumption, housing wealth, stock market wealth and income. In order to asses this relationship empirically, we use pooled mean group estimators of dynamic heterogeneous panel data on a sample of 30 developed and emerging economies. The sample countries are segmented into three separate panels: a developed bank-based panel, a developed market-based panel, and an emerging bank-based panel. Empirical estimates support the existence of long- and short-run stock market wealth effects in both groups of developed countries, with the effect being particularly strong in the developed market-based countries. A moderate long-run housing wealth effect is confirmed only for the developed bank-based countries, while a very strong short-run housing wealth effect is present in the developed market-based countries. As far as the emerging countries are concerned, the evidence is somewhat inconclusive, but it does seem to suggest that both wealth effects are effective in the long run, with housing wealth being more dominant.     

解决“短命建筑”问题不能就建筑论建筑

当前"短命建筑"现象存在着三个主要特点,即建筑多数"身强体壮",公共投资建筑比例较高,建筑短命现象较突出;这种现象普遍存在于沿海发达地区和内陆欠发达地区的经济较发达城市,建筑爆破拆除时间集中,表明部分经济较发达城市已进入规模化的城市更新阶段;在各种诱因中,社会经济因素占主导,而建筑自身的因素并不是主要的因素.因此解决"短命建筑"问题不能就建筑论建筑,应从城市发展、更新的高度看待这一现象,给予建筑所生存的外部社会经济环境以更多的关注,并立足于观念和制度创新,从建筑物的外部环境和建筑物的自身两方面入手共同寻找解决问题的对策.     

Fundamentals of Social Accounting

A series of social accounting matrices (SAMs) are developed in this paper from first principles. Starting with the basic concepts of an institution, real assets and financial claims, the notions of a transaction and production are introduced, and it is shown that a SAM can be developed from the fundamental transactions identity. Accounts for real assets and financial claims are then grafted on to this initial SAM by reference to a similarly fundamental assets identity. Hence, a fully articulated SAM framework is developed which covers institutions, production, assets and their appreciation.     

Developing design principles for the implementation of AI in PSM: An investigation with expert interviews

The use of artificial intelligence (AI) in purchasing and supply management (PSM) has great potential, e.g. for automating processes and supporting PSM employees. Nevertheless, the number of realized AI use cases in PSM is still limited, and mostly in large companies. This paper examines first requirements for the implementation of AI in PSM. Second, design principles are developed on the basis of the identified requirements. Third, exemplary AI use cases in PSM are presented. For this purpose, a literature analysis is first conducted and followed by interviews with 17 PSM and technology experts. Finally, 40 requirements for the implementation of AI in PSM are developed from the conducted expert interviews. Based on these 40 requirements, ten design principles are developed in the sense of the design science research (DSR) approach to describe the relevant activities for the implementation of AI in PSM. The artifacts developed in this paper will contribute to the implementation of AI in PSM. The applicable research results should facilitate the transfer of knowledge into practice and contribute to the establishment of the DSR method in PSM research.     

Environmentally Sustainable Development through Stakeholder Engagement in Developed and Emerging Countries

This cross‐country study investigates the antecedents and outcomes of corporate environmental responsibility (CER) practices in developed and emerging countries. Based on stakeholder and institutional theory, we conducted an empirical study among firms in Germany, USA, India and China. We found support for a significant positive relationship between regulatory, market and social stakeholder influences, CER practices and business outcomes in the total and individual country samples. Regarding country differences, our data reveal significant similarities and differences between developed and emerging countries. Market stakeholder influences are stronger in developed countries, whereas regulatory and social stakeholder influences do not differ significantly between the two country groups. The relationship between CER practices and positive business outcomes is stronger in emerging than in developed countries. Implications for institutional theory and organizations are outlined. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment     

Spillovers and diversification potential of bank equity returns from developed and emerging America

We examine the network spillovers, portfolio allocation characteristics and diversification potential of bank returns from developed and emerging America. We draw our results by applying a directional spillover index, the tail-event driven network (TENET) and nonlinear portfolio optimization methods on bank returns. We find that the spillovers and connectedness among banks from emerging America are noticeably smaller than those among banks from developed America. The largest emerging market spillover transmitters and receivers are the banks from Brazil, followed by the banks from Chile. The largest developed market spillover transmitter is JP Morgan Chase. The connectedness among banks from developed America is dominated by the banks from the USA, relative to those from Canada. The total connectedness of the emerging market banks is more intensified than that of the banks from developed America due to the effect of the COVID-19 pandemic. The portfolio optimization shows that in developed America, the largest banks from the USA are the largest risk contributors to total portfolio risk, whereas the banks from Canada contribute the least risk. In emerging America, the banks from Brazil contribute the most risk to total portfolio risk while the banks from Peru and one bank from Colombia contribute the least risk. The portfolio of banks from emerging America offers greater diversification potential and lower total portfolio allocation risk.     

A note on individual choice models of migration

In this paper individual probabilistic choice models are developed for the decision to migrate and the choice among alternative destinations. The models are developed to investigate how characteristics of decision makers and of alternative destinations affect choice. Several migration models in the literature (e.g., mover-stayer models) are shown to be special cases, their behavioral assumptions are made explicit, and a framework for testing these assumptions is provided.     

Following the leaders? A study of co-movement and volatility spillover in BRICS currencies

The paper investigates return co-movement and volatility spillover among the currencies of Brazil, Russia, India, China, and South Africa (the BRICS member countries) and four major developed countries from April 2006 to October 2019. Using Bloomberg daily data on exchange rates, the study employs a flexible multivariate generalized autoregressive conditional heteroskedasticity (MGARCH)–dynamic conditional correlation (DCC) model and a vector autoregressive (VAR)–based spillover index, as the empirical strategy. Along with evidence of exchange rate volatility in BRICS currencies, among which the Russian ruble and the Chinese yuan are explosive, the econometric estimation results show the presence of significant return co-movement and volatility spillover among the foreign exchange markets across different countries. The currency markets in developed countries, as leaders, are found to transmit volatility mostly to BRICS currency markets, which are net receivers. The degree of spillover, however, varies across countries, with Brazil and Russia passing on volatility to the developed countries whereas India, China, and South Africa receive volatility from their developed counterparts.     

浅谈我国企业管理层收购的实施

近几年,企业并购在中国不断呈现。MBO作为一种企业并购中的融资安排倍受关注。本文主要阐述了MBO在中国快速发展的原因,以及目前MBO在中国实施存在的主要问题,并针对问题提出了一些建议。     

我国水产品加工行业发展现状分析

本文主要介绍了我国水产品加工业有了长足的发展。但与发达国家相比,仍存在有很多不足,主要体现在基础研究薄弱、加工与综合利用率比较低、加工产品品种少附加值低、装备落后、标准体系不健全、产品质量不高等方面的不足。